Wells Fargo Commits $175M to Help Homeowners – The MReport

Wells Fargo Commits $175M to Help Homeowners  The MReport

Wells Fargo announced that it has provided funding for more than 500 nonprofits across the nation, as part of the Wells Fargo Foundation’s $175 million commitment to keep people in their homes during the COVID-19 pandemic. 

More than 300 grants have been made since March to assist with urgent housing services for vulnerable populations. 

“Wells Fargo continues to take steps to support our customers, employees, and communities in the wake of the COVID-19 pandemic,” said Bill Daley, Vice Chairman of Public Affairs at Wells Fargo. “These grants for nonprofits across the U.S. will provide a critical safety net to help keep people housed and are part of our philanthropic focus to bring solutions to address housing security, small business stability, and consumer financial health.”

Pandemic relief grants from the Wells Fargo Foundation are intended to enable national nonprofit housing centers, housing counselors, and nonprofit housing providers to support housing stability for more than 100,000 renters and homeowners. 

As of May 12, approximately 4.7 million homeowners are in forbearance plans—up from the previous weeks 4.5 million, according to Black Knight. 

Black Knight said the pace of new forbearance plans has slowed, with the average net increase of just under 26,000 per day over the past week. This is a reduction of more than 85% reported in April.  

“Wells Fargo is committed to the importance of home for everyone in our nation,” said Eileen Fitzgerald, Head of Housing Affordability Philanthropy with the Wells Fargo Foundation. “Having a safe, healthy, and affordable place to call home is essential to help lay the foundation for wellness, dignity and economic opportunity. In response to the COVID-19 crisis, as far too many people are facing housing instability, these grants will support hundreds of nonprofit professionals and their organizations whose missions are to keep people in their homes and create opportunities to have a home.”

Nonprofits receiving relief funding from Wells Fargo include: 

  • Enterprise Community Partners
  • GreenPath Financial Wellness
  • HomeFree-USA
  • Housing Partnership Network
  • National Coalition for Asian Pacific American Community Development
  • National Community Reinvestment Coalition
  • National Foundation for Credit Counseling®
  • National Urban League
  • Navicore Solutions
  • NID Housing
  • NeighborWorks America
  • Rural Community Assistance Corporation
  • UnidosUS
  • USA Homeownership Foundation DBA Veterans Association of Real Estate Professionals

Source: themreport.com

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